🆕 IPO Listing: Ryman Healthcare Equity Raise. An Aged-Care Service and Retirement Home Business.
- Noel Ong
- Oct 8
- 5 min read
Founded in Christchurch, New Zealand, in 1984, Ryman Healthcare (NZX: RYM) has grown into one of Australasia’s leading operators of retirement villages and aged care services (Figure 1). For over forty years, the company’s guiding principle has been simple yet powerful — that everything it does must be “good enough for mum and dad.” This philosophy has shaped Ryman’s reputation as a trusted brand, built around its purpose of enhancing freedom, connection, and well-being for older people. With a continuum of care model that supports residents as their needs evolve, Ryman has positioned itself as a provider of both independence and security for its communities.
Today, Ryman operates 49 villages across New Zealand and Australia, serving more than 15,300 residents. Its scale and focus on care have cemented its leadership in the sector, while demographic tailwinds continue to create strong long-term demand for retirement living and aged care.
Against this backdrop, Ryman is undertaking a decisive balance sheet reset through a $1.0 billion equity raising, designed to reduce gearing, strengthen financial resilience, and provide flexibility for future growth. The raise is not just about shoring up the capital structure, but also about positioning Ryman to deliver on its heritage of care while adapting to changing market conditions and investor expectations.
Figure 1: Miriam Corban Village (source: RYM)
ASX Listing Details.
Listing Date: Tuesday, 23 September 2025
Principal Activities: Ryman Healthcare Ltd is a New Zealand-based operator of retirement villages and provider of aged care services in both New Zealand and Australia.
Issue Price: AUD $3.05
Issue Type: Ordinary Fully Paid Shares
Security Code: RYM
Capital to be Raised: N/A (Equity raise targeted $1.0 billion already announced)
Expected Offer Close Date: September 2025
Company Overview.
Ryman operates 49 villages, providing homes and care for more than 15,300 residents. Its model is built on a continuum of care, spanning independent living, serviced apartments, rest homes, hospitals, and dementia care. This competitive advantage positions Ryman strongly as demand for aged healthcare services continues to accelerate with demographic shifts across Australasia.
Highlights of the Equity Raising - Age Care and Retirement Business.
Offer Structure: $313m placement to institutional investors, $688m via a 1-for-3.05 pro-rata accelerated non-renounceable entitlement offer.
Discounted Offer Price: $3.05 per share, representing a 21.9% discount to TERP ($3.90) and 29.2% discount to the last close ($4.31).
Balance Sheet Reset: Net debt reduced from $2.56b to $1.59b, lowering gearing from 37.3% to 23.1%.
Funding Flexibility: $820m debt facilities cancelled, $539m extended, with covenant waivers providing headroom for transformation (Figure 2).
Annualised Savings: $50–55m in interest cost reductions expected from debt repayment and hedging changes.
Figure 2: Strong lender support (source: RYM)
Business Transformation in Motion.
Leadership Refresh: New CEO Naomi James and a renewed Board with extensive transformation expertise.
Operational Reset: Prioritising release of $500m+ from existing stock over 3–5 years, with targets of $100–150m annualised business improvement.
Care DNA: With over 4,600 aged care beds, Ryman is expanding its occupancy and leveraging reforms in New Zealand and Australia to capture growing aged care demand (Figure 3).
Disciplined Growth: Focus on lower capital intensity, outsourcing build models, and consolidation opportunities in Australia.
Figure 3: Ageing Population – Key Driver for Aged Care Demand (source: RYM)
Outlook & Guidance.
FY25 Guidance: Negative free cash flow (~$100m), capex of $590–620m, and delivery of 940 units/beds.
FY26 Outlook: Cash flow breakeven achievable if ORA sales volumes recover to 70–75% of FY24 levels.
FY26–27 Build Rate: Between 489–575 new units/beds expected.
Samso Concluding Comments
Ryman’s $1.0 billion equity raise is both defensive and forward-looking. It shores up a stretched balance sheet, secures covenant waivers, and provides flexibility to navigate through a slow housing market. For investors, this represents a turning point — the chance to back a trusted brand through a reset and participate in the upside as market conditions recover.
The long-term investment case remains centred on demographics, demand for aged care, and Ryman’s proven continuum of care model. Execution will be crucial in releasing cash, improving operational efficiency, and growing sustainably.
While the offer comes at a deep discount, it also underscores the seriousness of the balance sheet reset and the opportunities for shareholders willing to back the transformation.
This raise is all about securing the balance sheet, and this is a blue-chip play. At Samso News, we don't normally present this size of business. We thought that it was something interesting and noteworthy to highlight for our platform.
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